New York Law Journal “Bankruptcy Update.”

This column discusses the recent bankruptcy filings of Ritz Camera and Image and Dewey & LeBoeuf, two of the more recent high-profile entities to file for bankruptcy. The column discusses why Ritz and Dewey filed, and how they hope to use the bankruptcy process to achieve their respective goals—restructure in the case of Ritz, and liquidate in the case of Dewey. The column also updates readers on Sbarro’s successful emergence from bankruptcy and how it used the bankruptcy process to reorganize its business and restructure its balance sheet.
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Should the scope of the EC Insolvency Regulation be extended to cover debtor-in-possession proceedings?

A review of the EC Regulation on Insolvency Proceedings 2000 (the “EIR”) is set to take place in 2012, 10 years after the EIR initially came into force. One of the proposed changes is to broaden the EIR’s scope to include insolvency proceedings where an insolvent debtor remains in possession (“DIP Proceedings”). At present, the EIR only applies to insolvency proceedings which involve “partial or total divestment of the debtor and the appointment of a liquidator”; DIP Proceedings are therefore excluded.
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Cleary Gottlieb is pleased to announce that Ling Huang has joined the firm as a partner in its Beijing office.

Ling Huang has joined the firm from the Beijing office of Shearman & Sterling LLP, where she was a partner focusing on cross-border M&A, private equity, and foreign direct investment transactions.

Ms. Huang advises a wide range of Chinese and global clients on M&A and private equity transactions involving both outbound transactions by Chinese companies as well as inbound investments and other transactions in China by private equity firms and multinational corporations.
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